16 April
2024
Nexteq plc
("Nexteq" or the
"Group")
AGM Statement
The Annual General Meeting ("AGM") of Nexteq (AIM:
NXQ), a leading technology solutions provider to
customers in selected industrial markets, will be held today
at 10:00am at the Group's offices at The Galleria, Station Road,
Crawley, RH10 1WW.
At the AGM, Nexteq Chair, Francis Small, will make
the following statement on current trading:
"The Board remains
confident in the Group achieving full year market
expectations.1 As previously announced, order intake is
expected to improve into the second half of the year as customers
rebuild inventory.
"The robust gross
margin performance seen in 2023 has continued into 2024, mitigating
the anticipated subdued revenues seen in the first quarter amid
wider economic uncertainty. We have continued to generate healthy
operating cash flows, leading to a net cash position of $32.0m at
31 March 2024.
"Notwithstanding
short-term macroeconomic challenges, we believe the business is
well positioned to deliver long-term sustainable growth through
execution of its organic and acquisitive growth
strategy."
1 The current
range of forecasts for the year ended 31 December 2024 is revenue
of between $114.8m and $115.9m with a consensus of $115.4m and
adjusted profit before tax of $14.9m.
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Nexteq plc
Jon Jayal, Chief Executive
Officer
Johan Olivier, Chief Financial
Officer
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Tel: +44
(0)1223 892 696
|
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Nominated Adviser and Broker:
Cavendish Capital Markets
Ltd
Matt Goode / Simon Hicks (Corporate
Finance)
Tim Redfern / Harriet Ward
(ECM)
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Tel: +44
(0) 20 7220 0500
|
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Joint Broker:
Canaccord Genuity Limited
Simon Bridges / Andrew
Potts
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Tel: +44
(0) 20 7523 8000
|
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Financial PR:
Alma Strategic
Communications
Hilary Buchanan / Kieran
Breheny
|
Tel: +44
(0)20 3405 0205
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About Nexteq
Nexteq (AIM: NXQ) is a strategic
technology solutions provider to customers in selected industrial
markets. Its innovative technology enables the manufacturers of
global electronic equipment to outsource the design, development
and supply of non-core aspects of their product offering. By
outsourcing elements of their technology stack to Nexteq, customers
can focus their product development effort on the most critical
drivers of their business' success.
Our solutions are delivered through a
global sales team and leverage the Group's electronic hardware,
software, display and mechanical engineering expertise. Our Taiwan
operation is at the heart of Asian supply networks and facilitates
cost effective manufacturing and strategic supply chain
management.
The Group operates in six countries
and services over 500 customers across 47 countries.
Nexteq operates two distinct brands:
Quixant, a specialised computer platforms provider, and Densitron,
leaders in human machine interface technology, each with dedicated
sales, account management and product innovation teams. Founded in
2005, and later floating on the London Stock Exchange's AIM stock
market as Quixant plc, the Group rebranded to Nexteq in
2023.
Further information on Nexteq and its
divisions can be found at www.nexteqplc.com.
